Maxi taxi drivers agree that there will be serious consequences for the travelling public should Insurance Companies be mandated to stop issuing second and third party insurance certificates
President of the Route 3 Maxi Taxi Association, Kelvin Pierre told Newspower Authority this morning this could result in higher fees for commuters
His comment follows an announcement by the Central Bank last week that it will be moving to reign in insurance companies that offer under-priced third-party policies to maxi and taxi owners.
Central Bank Governor Ewart Williams had said premiums were likely to increase as a result of the failure of some insurance companies to maintain prudent reserves.
He had also warned that maxi-taxi premiums could double
Addressing the issue during a Newspower Authority interview this morning, Mr. Pierre explained that maxi taxi drivers stood to lose as well
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President of the Route 3 Maxi Taxi Association, Kelvin Pierre
Mr. Pierre’s colleague, Linus Philip, of the Route 2 Maxi Taxi Association said he felt it was too early to predict what could take place
However he told Newspower Authority that the was not worried as yet
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Linus Philip, of the Route 2 Maxi Taxi Association